2023 Courtenay Annual Report

The Corporation of the City of Courtenay

Notes to Consolidated Financial Statements Year ended December 31, 2023

8. DEFERRED REVENUE - DEVELOPMENT COST CHARGES In order to conform to the Public Sector Accounting Standards of CPA Canada, the unspent development cost charges have been recorded as a liability. Following is a breakdown of cash increases and decreases for the General, Water, and Sewer development costs charge reserves for 2023 and 2022. 2023 Development Cost Charge Reserves

General BL #2840

Water Utility BL #2840

Sewer Utility BL #2840

Sewer Utility BL #1638

2023 Total

Balance Forward

$8,918,301

$724,188

$1,415,789

$35,665

$11,093,943

Increases Interest

461,121

38,559 199,498

80,444 624,411

1,687

581,811

1,864,899

-

2,688,808

Other Contributions

2,326,020

238,057

704,855

1,687

3,270,619

Ending Balance Deferred Revenue - DCC $11,244,321

$962,245

$2,120,644

$37,352

$14,364,562

2022 Development Cost Charge Reserves

General BL #2840

Water Utility BL #2840

Sewer Utility BL #2840

Sewer Utility BL #1638

2022 Total

Balance Forward

$8,580,411

$679,567 $1,263,638

$35,042 $10,558,658

Increases Interest

158,066 408,646

12,514 32,107

24,291 127,860

623

195,494 568,613

Other Contributions

566,712

44,621

152,151

623

764,107

Decreases Revenue Recognized to Fund Capital Projects

(228,822)

-

-

-

(228,822)

(228,822)

-

-

-

(228,822)

Ending Balance Deferred Revenue - DCC $8,918,301

$724,188

$1,415,789

$35,665

$11,093,943

City of Courtenay | 2023 Annual Report

98